104$ Mn net profit of Turkish Airlines for the 1Q 2008

Turkish Airlines has announced its Consolidated Financial Results for the 1Q 2008 period. According to its financials, THY was able to achieve 260% increase on Net Profit of $104mn. Although, fuel price increased by 46% which resulted additional cost of $87mn, Operating Profit increased by 1% to $84mn, net operating margin and net profit margin increased by 9.23% and 11.45% respectively.

Operating revenue increased by 33% to $910 mn.; 76% of scheduled revenue was from international traffic and 24% was from domestic traffic. In the operating costs, fuel cost’s portion is increased by 6 points from pervious year to 31%.

Parallel to revenue increase, traffic results also increased compared with previous year. Accordingly, number of passenger carried increased by 16% to 4.5 mn, cargo-mail increased by 8% to 45 thousands tons. Available Seat Km (ASK) and Revenue Per Km (RPK) increased by 10% and 15% respectively, which increased the L/F by 3 points to 70%

Although fuel price increase has negative effect in the industry, our 1Q 2008 results have encouraged us to look positive for the rest of the year.

Disclaimer: This English-language media release is provided for information purposes only; reliance should only be placed for all statutory and regulatory and other purposes on the original Turkish language version alone.